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Thursday, May 30, 2013

Latest US GDP Numbers Confirm Consumer-Led Expansion but Government and Exports were Weaker than Previously Thought

The second revision of GDP data released today by the Bureau of Economic Analysis
confirmed that the U.S. economy expanded at a moderate 2.4 percent
annual rate in the first quarter of 2013. The figure for overall growth
was almost unchanged from the 2.5 percent of last month’s advance
estimate. However, there were significant changes in several of the
components of GDP growth, as the following table shows.

Growth of consumer spending was even stronger than previously
reported. In fact, we could say that consumers accounted for all of the
reported growth, since pluses and minuses in other sectors just
cancelled each other out. Increases in consumer spending were
broad-based, with durable goods, nondurable goods, and services all
showing solid gains. >>>Read more

Follow this link to view or download a classroom-ready slideshow with charts and analysis of the latest GDP data.

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